MP Matthew Hancock has welcomed Chancellor George Osborne’s Budget announcement that the horse racing industry will have more control over its finances.
Mr Osborne said in his speech today that the Government would introduce a Horserace Betting Right to replace the current Horserace Betting Levy.
This will be administered directly by the racing industry.
The West Suffolk MP said: ““We have made great progress in the last few years securing the long term finances behind horseracing. The Chancellor’s announcement today is the biggest step forward in a generation for Racing.
“I have long argued that a Racing Right is vital to putting the finances of Britain’s second most popular sport on a sustainable footing, and now we will have it. I fully support this announcement not least because racing supports thousands of jobs in Newmarket and across the country as a whole.
“This is a once in a generation transformation which will trigger significant growth, jobs and international investment. I now look forward to seeing the details of the legislation and to a more secure future for our golden sport.”